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1 results

  • 9 - Inexactness in Economic Theory

  • from Part II - Theory Assessment
  • Daniel M. Hausman, Rutgers University, New Jersey
  • Book:
    The Inexact and Separate Science of Economics
    Published online:
    25 May 2023
    Print publication:
    08 June 2023, pp 231-255

  • Summary

    Chapter 9 develops the traditional conception of economics as an inexact science that investigates deductively the implications of assumptions that are known to be true statements of tendencies, but that are only approximately true as generalizations concerning behavior. I consider interpretations of the problematic notion of inexactness as probabilistic, as approximate, as qualified with ceteris paribus clauses, and as stating tendencies that state the contribution that causes make to outcomes and hence how things would be in the absence of interferences. The chapter argues for an account that combines a view of inexactness in terms of tendencies with an account in terms of implicit qualification. Chapter 9 explains how statements of tendencies can be true.